# UCS_Murrey's Math Oscillator

This is a new indicator release, Using the principle of Murrey Math Line Trading Systems. It will be easier for someone to add alerts on an oscillator rather than a overlay.

Currently, I did add some aesthetics for those who like to view different colors, can be turned off.

Oscillator Color Definition -
Green = Above MidLine
Red = Below Midline
Blue = Below Negative 3rd Quadrant
Orange = Above Positive 3rd Quadrant

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Planned future Improvement is to consider Wicks as well.

Do post your opinions and any improvement.

GL.

Uday C Santhakumar
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?
// Created by UCSgears
// Modified the conceptual Murray Math Lines System overlay to an Oscillator
// Easier to add Alerts using an oscillator rather than an overlay
// Does provide some aesthetics, Will be improved as Time Progresses

study(title="UCS_Murrey's Math Oscillator", shorttitle="UCS_MMLO", overlay=false, precision = 2)
// Inputs
length = input(100, title = "Look back Length")
mult = input(0.125, title = "Mutiplier; 1/8 = 0.125; 1/4 = 0.25.....")
lines = input(true, title= "Show Murrey Math Fractals")
bc = input(true, title = "Show Bar Colors for Oversold and Overbought")
// Donchanin Channel
hi = highest(high, length)
lo = lowest(low, length)
range = hi - lo
multiplier = (range) * mult
midline = lo + multiplier * 4

oscillator = (close - midline)/(range/2)

scolor = oscillator > 0 and oscillator < mult*6 ? green : oscillator < 0 and oscillator > -mult*6 ? red : oscillator < -mult*6 ? blue : oscillator > mult*6 ? orange : na

plot (oscillator, color = scolor, title = "Murrey Math Oscillator", style = columns, transp = 60)
plot(0, title = "Zero Line", color = gray, linewidth = 4)

plot(lines == 1 ? mult*2 : na, title = "First Positive Quadrant", color = gray, linewidth = 1)
plot(lines == 1 ? mult*4 : na, title = "Second Positive Quadrant", color = gray, linewidth = 1)
p3 = plot(lines == 1 ? mult*6 : na, title = "Third Positive Quadrant", color = gray, linewidth = 1)
p4 = plot(lines == 1 ? mult*8 : na, title = "Fourth Positive Quadrant", color = gray, linewidth = 1)
plot(lines == 1 ? -mult*2 : na, title = "First Negative Quadrant", color = gray, linewidth = 1)
plot(lines == 1 ? -mult*4 : na, title = "Second Negative Quadrant", color = gray, linewidth = 1)
p2 = plot(lines == 1 ? -mult*6 : na, title = "Third Negative Quadrant", color = gray, linewidth = 1)
p1 = plot(lines == 1 ? -mult*8 : na, title = "Fourth Negative Quadrant", color = gray, linewidth = 1)

fill (p1,p2, color = orange)
fill (p3,p4, color = lime)

// Bar Color Oversold and Overbought
bcos = bc == 1 and oscillator > mult*6 ? orange : na
bcob = bc == 1 and oscillator < -mult*6 ? blue : na

barcolor (bcos)
barcolor (bcob)